That's such good advice but good advice is hard to digest when times are tough.
Warren's business partner who I think was the brains of the business had some great observations..
Especially "
don't worry about when you are going to die just find out where and don't go there."
A little wiser every day .
Charlie's view on Patience and the folly of exposure to margin calls and stop loss positions.* Don't sweat the short term movements. Don't invest in equities if you can't take a massive drop in market value on the chin and wait patiently for the rebound when you are invested in undervalued assets.
*Buy when the underlying value is much greater than the market value and
* Don't sell until the market value is well above the underlying value.
Acquire more than you are paying for.
Its easy to become despondent when your portfolio is valued by the market at bargain prices but I keep reminding myself that bad years are always followed by extremely good ones.
The following chart shows how the All ordinaries has fared. Small caps get hammered harder in bad years as the punters seek safer havens but do much better in the good years when fear disappears and greed returns.
Alcohol Free days.That's one task you shouldn't finish before 5pm on week days but 3.30 is ok on weekends.
Cheers. Good news will eventually come our way.
